Application
Definition of "Application"
Written statements on a form by a prospective insured about himself, including assets and other personal information. These statements and additional information, such as a medical report, are used by an insurance company to decide whether or not to insure the risk. Falsification or nondisclosure of information may give the insurance company grounds for rescinding a policy that has been issued. Statements in the application are also used to decide on an applicant's underwriting classification and premium rates.
Popular Insurance Terms
Interest earned but not yet paid for a period of time that has elapsed since the last interest payment. ...
Assumption of liability through contractual agreement by one party, thereby eliminating liability on the part of another party. An example is a railroad sidetrack agreement with a ...
difference between the face value of a permanent life insurance policy and its accrued cash value. The pure cost of protection is based on this difference. For example, if the face value ...
Plan under the employee retirement income security act of 1974 (ERISA) for employees who are less than 50% vested. An employee must be permitted to buy back retirement benefits lost because ...
Same as term Contingent Business Income Coverage Form: coverage for loss in the net earnings of a business if a supplier business, subcontractor, key customer, or manufacturer doing ...
Investment risk associated with the possibility that there is a rise in the interest rates after a fixed income security has been purchased resulting in a decline in that security's price. ...
Legislation by a state that taxes out-of-state insurance companies operating in its jurisdiction in the same way that the state's own insurance companies are taxed in the second state. For ...
Right of an insured to make additional purchases of life insurance without having to take a physical examination or show other evidence of insurability. Additions can be bought at stated ...
Plan to control employer's health care cost through the introduction of practice guidelines or protocols for health care providers, and to improve the methods used by employers and ...
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